Transmission is the transfer of securities from a deceased holder’s demat account to the surviving joint holder, the nominee or the legal heirs. It is not a sale, and no stamp duty or brokerage applies to the transfer itself. As an NSDL depository participant, PCJ processes transmission requests for accounts held with us.
Step by step
- Tell us. Call 011 4351 2500 or raise a request on the support page. We confirm which case below applies.
- Keep a receiving demat account ready. The claimant needs a demat account in their own name (with PCJ or any other DP).
- Submit the transmission form and documents. The form is in the Download Center.
- Verification and transfer. After verification the securities are moved to the claimant’s account and the deceased holder’s account is closed.
Documents, by situation
Joint account — one holder has died
- Transmission request form signed by the surviving holder(s)
- Copy of the death certificate, attested as required
- Client master report of the survivors’ demat account
Single holder with a registered nominee
- Transmission request form signed by the nominee
- Copy of the death certificate, attested as required
- Nominee’s identity proof and client master report of the nominee’s demat account
This is the simplest route — which is why registering a nominee matters. See the nomination rules.
Single holder, no nominee
The legal heirs claim the holdings. For holdings up to the threshold set by SEBI and the depository, simplified documents are accepted — typically an affidavit, an indemnity bond and no-objection certificates from the other legal heirs. Above that threshold, a succession certificate, probated will or letter of administration is required. We tell you which applies after checking the holding value.
Good to know
- Transmission covers securities in the demat account. Mutual fund units held in folios (not in demat) are transmitted through the AMC or its registrar — our team can help with that paperwork too.
- Shares still held as physical certificates must be claimed through the company’s registrar and then dematerialised.
- Inherited securities are not taxed on transfer; capital gains tax applies when the heir later sells. Consult a tax professional for your case.
Frequently asked questions
What is transmission of shares?
It is the transfer of a deceased holder's securities to the surviving joint holder, nominee or legal heirs. It happens by operation of law, not by sale.
What documents does a nominee need?
Typically a signed transmission request form, an attested copy of the death certificate, identity proof and the client master report of the nominee's own demat account.
What if there was no nominee?
The legal heirs can claim. Up to a threshold set by SEBI and the depository, simplified documents such as an affidavit, indemnity and no-objection certificates are accepted; above it a succession certificate, probated will or letter of administration is needed.
Is there tax on transmission?
The transfer itself is not taxed. Capital gains tax applies when the person who inherits later sells the securities. Please consult a tax professional.